Overview by Borden Ladner Gervais
Canada has introduced five Green Investment Tax Credits (ITCs) to support businesses transitioning to a cleaner economy, backed by over $20 billion in financing commitments. These ITCs, part of Canada’s response to U.S. clean energy subsidies in the Inflation Reduction Act, are based on the capital cost of specific investments. The government is finalising the legislation, which is currently open for comment until 5 February 2024.
The ITCs target various sectors and eligibility is limited to taxable Canadian corporations and specific entities. Interested businesses should review the draft legislation before the deadline and consider the specific requirements for each ITC.
For a comprehensive overview and analysis of these new tax credits, Steve Suarez from Borden Ladner Gervais provides insights in the full article, which can be accessed here.
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